India and Russia have set an ambitious target of achieving $100 billion in bilateral trade by 2030, according to Foreign Secretary Vinay Kwatra. This announcement came after Prime Minister Narendra Modi and Russian President Vladimir Putin engaged in extensive discussions on enhancing economic cooperation across various sectors including trade, energy, science and technology, and defense.
In the financial year ending March 2024, trade between India and Russia reached $65.7 billion, marking a 33 percent increase from the previous year. Highlighting the significance of this economic partnership, Kwatra emphasized the potential for further growth through initiatives like 'Make in India' and expanding manufacturing collaborations.
"Prime Minister Modi underscored the necessity of diversifying the trade portfolio between the two countries," Kwatra stated during a media briefing. "He advocated for greater market access for Indian goods, particularly in the agricultural and industrial sectors".
A key focus of the discussions was advancing the free trade agreement (FTA) with the Russian-led Eurasian Economic Union (EEU). "We have completed one round of discussions, and it is anticipated that these talks will be accelerated in the coming months", Kwatra noted.
The bilateral meeting resulted in the signing of nine agreements, primarily in the economic domain. Among the significant projects discussed was the proposed Chennai-Vladivostok Eastern Maritime Corridor, aimed at enhancing connectivity and trade routes.
Both leaders also addressed the crucial supply of fertilizers from Russia to India, which plays a vital role in Indian agriculture and farmers' productivity. In the nuclear energy sector, ongoing cooperation on economically viable nuclear power projects was a topic of discussion.
In a gesture of recognition, Prime Minister Modi was awarded the Order of St. Andrew the Apostle the First-Called, Russia's highest civilian honor. This meeting marks a strengthening of the India-Russia partnership, with a clear roadmap for achieving significant economic milestones and fostering deeper bilateral ties.